Petrofac-Samsung Engineering JV Wins $2 Billion Contract in Oman
August 04 2017 - 6:58AM
Dow Jones News
By Razak Musah Baba
LONDON--Petrofac Ltd.'s (PFC.LN) joint venture with Samsung
Engineering (028050.SE) has won a contract worth $2 billion with
Duqm Refinery and Petrochemical Industries LLC in southern
Oman.
Petrofac said Friday that work on the 47-month project would
commence shortly, subject to financial closure and full notice to
proceed from Duqm Refinery.
Petrofac and Samsung will conduct the engineering, procurement,
construction, commissioning, training and start-up operations at
Duqm.
Petrofac shares at 1015 GMT up 5.9 pence, or 1.3%, at 449.9
pence, valuing the company at 1.56 billion pounds ($2.06
billion).
-Write to Razak Musah Baba at razak.baba@wsj.com; Twitter:
@Raztweet
(END) Dow Jones Newswires
August 04, 2017 06:43 ET (10:43 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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